Data shown is for informational purposes only and does not constitute investment advice. TopFund is not SEBI-registered. Consult a SEBI-registered advisor before investing.
BLS E-Services IPO
Price Band
₹129.0–135.0
Issue Size
₹309.29 Cr
Lot Size
108 shares
Min Investment
₹14,580
GMP
+₹155.0 (114.81%)
Issue Price
₹135.0
Subject to Sauda
₹12700
Paid only if allotted
BLS E-Services IPO AI Summary
- BLS E-Services IPO is listed on BSE, NSE in the IT Enabled Services sector.
- Price band: ₹129.0–₹135.0 per share, lot size 108 shares (min. investment ₹14,580).
- Subscription window: 30 Jan–01 Feb 2024, listing on 06 Feb 2024.
- Current GMP is +₹155.0 (114.81%), an estimated listing price of ₹290 — unofficial and can change daily.
BLS E-Services Limited is positioned as a key player in the IT Enabled Services sector, focusing on digital solutions for banking and governance. With a strong revenue growth trajectory and a unique market position, it aims to leverage the IPO proceeds for further expansion and technological enhancement.
TopFund is not SEBI-registered — this is educational analysis, not personalized investment advice.
BLS E-Services IPO — Third-Party Research Views
Reviews below reflect analyst calls made before this IPO closed on 01 Feb 2024 — not a current signal.
10 of 12 reviewers say Positive
Recommendations are sourced from third-party research firms and are not TopFund's own investment advice.
Important Dates
Subscription Status
Subscription data unavailable
BLS E-Services IPO Grey Market Premium (GMP) Today
GMP
+₹155.0
GMP %
+114.81%
Est. Listing
₹290.0
Updated: 25 Jul 2026 14:07
About the Company
Incorporated in April 2016, BLS-E Services Limited is a digital service provider that offers Business Correspondence services to major banks in India, Assisted E-Services, and E-Governance Services at the grassroots level in India. The company's service offerings can be categorized into three parts (i) Business Correspondents Services; (ii) Assisted E-services; and (iii) E-Governance Services. The company being a subsidiary of BLS International Services Limited provides visa, passport, consular, and other citizen services to state and provincial governments across Asia, Africa, Europe, South America, North America, and the Middle East through its technology-enabled platform. It is the only listed company engaged in this domain in India. By 31st March 2023, the merchant network had grown to 92,427 in order to serve the underserved and unserved populations in hard-to-reach areas. The revenue from operations in Fiscal years 2021, 2022 and 2023 were ₹6,448.72 lakhs, ₹9,669.82 lakhs and ₹24,306.07 lakhs, respectively. As of June 30, 2023, the company has a total of 3,071 employees, including 2,413 contract employees.
Company Financials (₹ Cr)
As of 2023-03-31
| Period Ended | 30 Sep 2023 | 31 Mar 2023 | 31 Mar 2022 | 31 Mar 2021 |
|---|---|---|---|---|
| Assets | 213.77 | 179.47 | 55.93 | 40.59 |
| Total Income | 158.05 | 246.29 | 98.40 | 65.23 |
| Profit After Tax | 14.68 | 20.33 | 5.38 | 3.15 |
| NET Worth | 120.37 | 106.94 | 15.07 | 9.68 |
| Total Borrowing | 0.00 | 0.00 | 8.76 | 11.02 |
Key Ratios
EPS
₹3.05
NAV
₹18.76
ROE
33.33%
ROCE
30.62%
RoNW
16.46%
P/B Value
7.20
P/E Ratio
44.31
Market Cap
₹1226.56 Cr
PAT Margin
8.36%
Debt/Equity
0.05
Peer Comparison
| Company | NAV | RoNW | P/E (x) | EPS Basic | EPS Diluted |
|---|---|---|---|---|---|
| Emudhra Limited | 53.02 | 15.75% | 56.27 | 8.35 | 8.01 |
| BLS E-Services Limited This IPO | 18.76 | 16.46% | 44.31 | 3.02 | 3.02 |
Promoters
BLS International Services Ltd.
Objects of the Issue
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects: # Issue Objects Est Amt (₹ Cr.) 1 Strengthening the technology infrastructure to develop new capabilities and consolidating the existing platforms 97.59 2 Funding initiatives for organic growth by setting up of BLS Stores 74.78 3 Achieving inorganic growth through acquisitions 28.71 4 General Corporate Purpose 76.66 Total 277.75
IPO Evaluation
Generated 23 Sep 2026Revenue Trend
Revenue from operations increased significantly from ₹6,448.72 lakhs in the fiscal year 2021 to ₹9,669.82 lakhs in 2022, and further to ₹24,306.07 lakhs by 2023. This shows a strong upward trend in revenue over the three fiscal years.
Profit Trend
Profit After Tax rose from ₹3.15 lakhs in the fiscal year 2021 to ₹5.38 lakhs in 2022, reaching ₹20.33 lakhs by 2023. This demonstrates a substantial growth in profitability over the observed periods.
Valuation
At the issue price of ₹135.0, BLS E-Services has an implied P/E ratio of 44.31 based on its earnings per share of ₹3.02. This is compared to its peers, such as Emudhra Limited, which has a P/E ratio of 56.27.
Grey Market Premium, Explained
The Grey Market Premium (GMP) indicates the expected listing price of an IPO based on unofficial trading before its official listing. A positive GMP suggests strong demand among investors, while a negative GMP may indicate weaker interest.
Who This IPO Suits
Investors comfortable with short-term volatility and a long-term horizon typically weigh IPOs like this against the company's growth potential and market conditions. It is important to consider the company's fundamentals and the overall economic environment.
Who May Want to Wait
Investors with a low risk tolerance or those seeking stable, income-generating investments may want to avoid IPOs that are subject to market fluctuations and uncertainties.
Listing Gains — The Risk
Listing-day gains can be unpredictable. While some IPOs may see a significant rise in price on their first day of trading, others may not perform as well. Investors should be aware of the risks involved and not solely rely on potential listing gains.
This evaluation is generated from BLS E-Services's own public IPO filing data for educational purposes and is not investment advice or a recommendation to apply, subscribe to, or avoid this issue — see Broker Recommendations below for named third-party research views (clearly attributed, not TopFund's own). TopFund is not a SEBI-registered investment adviser — see our Disclaimer.
Frequently Asked Questions
What is BLS E-Services IPO GMP today?
BLS E-Services IPO GMP today is +₹155.0 (114.81%), indicating an estimated listing price of ₹290. GMP is an unofficial grey-market indicator and can change daily.
What is the price band of BLS E-Services IPO?
The price band of BLS E-Services IPO is ₹129.0–₹135.0 per share.
When does BLS E-Services IPO open and close?
BLS E-Services IPO opens on 30 January 2024 and closes on 01 February 2024.
When does BLS E-Services IPO list on the stock exchange?
BLS E-Services IPO listed on 06 February 2024 at ₹290.0.
What is the lot size for BLS E-Services IPO?
The lot size for BLS E-Services IPO is 108 shares, requiring a minimum investment of ₹14,580.
What is the price band for BLS E-Services IPO?
The price band for the BLS E-Services IPO is ₹129 to ₹135.
What is the minimum investment required?
The minimum investment required is ₹14,580.
What is the lot size for this IPO?
The lot size for the BLS E-Services IPO is 108 shares.
When will the IPO open and close?
The IPO will open on January 30, 2024, and close on February 1, 2024.
What does GMP mean?
GMP stands for Grey Market Premium, which indicates the expected listing price of an IPO based on unofficial trading before its official listing.
Issue Details
Investor Allocation
Registrar
Lead Managers / Book Running
IPO Timeline
Open
30 Jan 2024
Close
01 Feb 2024
Allotment
02 Feb 2024
Listing
06 Feb 2024
Similar IPOs in IT Enabled Services
Plan Your IPO Investment
Related Articles
Community Sentiment
What are other investors planning for BLS E-Services?
No votes yet — be the first to share your view.
Sign in to voteDiscussion
User-generated content — not investment advice, and not verified or endorsed by TopFund.
No comments yet — start the discussion.